Debt Default - Not Going To Happen

Despite all the hoopla we hear coming out of Washington DC, there is absolutely no reason the US should default our our outstanding Debt.   The federal government takes in about $3 Trillion a year in revenues.  Servicing the Debt cost about $240 Billion a year based on current interest rates.  If necessary, if a deal does not come together and assuming he has a brain in his head, Socialist President Obama will use language in the 14th Amendment of the Constitution and various Supreme Court cases as authority to pay the roughly $20 Billion a month necessary to service the Debt before spending other monies.   Of course, the Socialist say they will not do that because it would mean cutting government spending and benefits going to their PEEP's on the dole; but it can certainly be done. 

What Obama cannot do, based on his own authority, is borrow more money to fund the $800 Billion annual short fall that is the current deficit spending in our $3.8 Trillion budget.   Borrowing more money and adding to our National Debt would require an act of Congress.  This could be a good thing and the only way to cut government spending and deal with Entitlement Reform.  Life will not end; but it would finally mean serious negotiations between the political parties to stop the fiscal insanity that we have now, which daily adds to our current $17 Trillion National Debt, with no end in sight. 

It is obviously going to take something dramatic for the Socialists to come to the table.  They will not do it of their own volition because all they know how to do is tax, borrow and deficit spend.  It is their ticket to power as they add even more people on the dole.  It is not coincidence that poverty has gone up under Obama.  It is intentional.   Obama wants more people on Welfare, Food Stamps, Medicaid, Disability Benefits and ObamaCare to insure that Socialists remain in power.  The Community Organizer In Chief knows exactly what he is doing.   It will destroy the United States as we know it, but Socialists care not as long as they can continue in power feeding at the trough.  It is what it is.